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Terra Classic (LUNC) and Its Revolutionary 0.5% Burning Tax: A New Era of Cryptocurrency Stability



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In the tumultuous world of cryptocurrencies, a new development is drawing the attention of investors and enthusiasts alike. Terra Classic (LUNC), a coin that has risen from the ashes of the Terra Luna collapse, is implementing a burning tax of 0.5%, stirring the crypto community. The implementation of this tax burn is perceived as a pioneering move to bring stability to the cryptocurrency while stimulating its value.

The Story Behind Terra Classic

Terra Classic (LUNC) was born out of the downfall of Terra Luna in early 2022. This collapse, which marked one of the most challenging periods for cryptocurrency traders, known as “crypto winter”, generated shockwaves throughout the industry. Post-collapse, Do Kwon came up with a plan to restore the ecosystem, giving birth to Terra 2.0. The original blockchain, now known as Terra Classic (LUNC), was left without its algorithmic stablecoin, thus marking a new era for this digital asset.

The 0.5% Burning Tax

The decision to implement a 0.5% burning tax came about as a way to address the surplus of LUNC supplies that has worried the community since the market crash in May. The world’s largest crypto exchange, Binance, has announced its support for the Terra Classic network upgrade to increase the LUNC burn tax from 0.2% to 0.5% as per Proposal 11515 passed by the community. Binance CEO Changpeng “CZ” Zhao is in agreement with this move, which comes in response to the dwindling LUNC price.

The mechanism of this tax burn involves a 0.5% fee on all on-chain Terra Classic transactions, including wallet and smart contract interactions. The revenue from this tax will be used to burn LUNC tokens, effectively reducing the total supply over time. However, it’s important to note that trades on some exchanges may not be subject to this tax.

Implications and Reception

The introduction of the burning tax is expected to have significant implications for Terra Classic and the broader crypto market. By reducing the supply of LUNC, the tax aims to increase the token’s value. This idea has been met with considerable enthusiasm within the crypto community, driving a surge in LUNC’s price by as much as 200%.

While the burning tax has received favourable feedback, leading to the strong performance of LUNC, it has also triggered a short-term bearish outlook due to the token entering overbought territory. However, the increase in LUNC’s social volume suggests that more traders are paying attention to current events, potentially leading to more Terra Classic accumulation and a smaller drop in price due to the introduction of a powerful incentive for long-term HODLing.

Despite the challenges associated with making on-chain transactions more expensive, the crypto community seems to be leaning more towards accepting this deflationary price. As more investors grow open to the network, LUNC may enter a strong accumulation phase, making it an intriguing prospect for those interested in the future of cryptocurrency.

The introduction of a 0.5% burning tax by Terra Classic (LUNC) represents a novel approach to maintaining stability and increasing the value of a cryptocurrency. The success of this initiative could potentially influence future strategies in the ever-evolving landscape of digital currencies.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. and does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.


Terra Luna Classic’s Evolving Journey: Aiming to Anchor USTC at $1



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In the ever-shifting realm of digital currency, Terra Luna Classic takes another notable step. The community has given the green light to halt all processes involving creating and recreating their stablecoin, USTC. Their primary goal? Re-establish USTC’s parity with the dollar and reinvigorate LUNC, Terra Luna Classic’s foundational cryptocurrency. This decision not only bolsters USTC’s standing but also paves the way for big players like the crypto trading platform, Binance, to consider USTC disposal.

Proposal 11784, known as the “Halt USTC Production & Recreation,” caught the eyes and ears of many. A significant 55% endorsed the move, 38% declined, with the remainder opting for a neutral stance. Reaching this agreement wasn’t simple, especially given the myriad of voices involved. Bypassing the minimum approval mark, the community’s backing for this trajectory became evident.

Digging into the vote dynamics, it’s clear where allegiances lay. Out of 35 decision-makers, prominent entities like HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts were supportive. Yet, it’s crucial to highlight that Allnodes, a dominant figure, didn’t share this enthusiasm. Although participation wasn’t at its peak, a dominant consensus emerged. With the proposal’s acceptance, platforms like Binance now can contemplate USTC disposal, as its creation processes cease. Another proposition even nudges Binance to dispose of a 50-50 split of USTC and LUNC.

However, despite these audacious moves, market indicators for both Terra Luna Classic and USTC signal turbulence. Amidst vital community updates, both digital assets witnessed downtrends. LUNC saw a modest 1% rise recently, settling at a value of $0.000057. Its 24-hour range fluctuated slightly from $0.0000566 to $0.0000582. Conversely, USTC’s performance dipped, declining 1% to a present value of $0.012. Furthermore, trade activities for USTC diminished by 36% within a day.

Whispers within the community suggest reservations about the efficacy of Terra Luna Classic’s development squad. Some speculate that they might not be adequately steering the platform, the communal treasury, or key updates.

The digital currency landscape is notoriously inconsistent, with shifts spurred by choices, market vibes, and tech developments. As Terra Luna Classic forges ahead with its initiatives, it’s uncertain how the landscape will adjust, particularly in relation to USTC’s valuation and ecosystem vitality.

Nevertheless, the essence of communal consensus can’t be overlooked. Terra Luna Classic, despite hurdles, showcases its dedication to stability and value with its USTC decision. As the crypto world morphs, the strategies of Terra Luna Classic will be under the lens of investors and aficionados. The future holds the answer to whether their endeavours align with the unpredictable ebb and flow of the crypto cosmos.

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